News & views

Enablers of tax avoidance rules: the impact on shipping

New rules have recently been introduced in the UK to combat complex or artificial tax avoidance arrangements. These rules apply to ‘enablers’ of defeated ‘tax avoidance’ arrangements. Where the rules apply, penalties will be imposed on the enabler and they can also be ‘named and shamed’. These new rules have important implications for the shipping industry.

Basel and beyond

Basel 2018 was held last month, and as a delegate across the three days I gained a sense of a strong fair with a good atmosphere. In the main galleries I found the works to be more accessible than in some previous years; there were fewer ‘shock’ pieces and more concentration on quality works that people might actually want to buy.

The Brexit white paper and its implications for the insurance market

What does this one say about the insurance market post-Brexit?
It says four main things:
  • the UK wants to be able to diverge from the EU in terms of financial services regulation;
  • passporting will no longer be possible and there will be no right of market access in either direction;
  • the UK will instead seek an enhanced equivalence regime that addresses some of the problems of the existing EU equivalence regimes and gives limited market access into the EU;
  • the starting position, at 1 January 2021, will be simply one of equivalence.
Let’s look at each of these in turn.
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